Parson - Chp 2 Exploring the World of Buisness
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| Free Enterprise System | A country where people are free to produce the goods and services they chose.
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| Profit | A buisness that earns more money than they spend.
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| Loss | A business that spends more money than they earn.
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| Entrepreneurs | transform ideas for products or services into real-world business.
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| Capital | Money supplied by investors, banks, or owners, of a business.
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| Service business | A company that provides a service for a fee.
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| Merchandising business | a company that buys finished products and resells them to individuals or other businesses
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| Manufacturing business | a company that buys raw materials, such as wood or iron ore, and transforms them into finished products through the use of labor and capital.
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| Sole Proprietorship | a business owned by one person
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| Partnership | a business owned by two or more persons.
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| Corporation | a business organization that is recognized by law to have a life of its own.
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| Charter | Legal permission given to a corporation that gives it certan rights and privileges. It spells out the rules under which the corporation is to operate.
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| Accounting System | A system designed to collect, document, and report on financial transactions affecting the business.
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| Manual Accounting System | Accounting information which is processed by hand.
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| Computerized Accounting System | the financial information is recorded by entering it into a computer.
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| Genneral Accepted Accounting Principles | Accounting principles used by all accountants
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| Financial Reports | Summarized information about the financial status of a business
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| Financial Accounting | Reporting information to external users
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| Management Accounting | Reporting information to internal users.
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| Business Entity | Accounting assumption that says that a company exists independently of its owners personal holdings.
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| Accounting Period | a period of time covered by an accounting report.
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| Going Concern | An assumption that the business will continue to operate unless it is clear that it cannot survive.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
yparson
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